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Old 02-12-2021, 11:45 AM
 
Location: Essex County, MA
4,445 posts, read 3,068,074 times
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What are the odds that housing prices fall in the next 1-5 years? Maybe the OP should rent for now and keep their fingers crossed?
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Old 02-12-2021, 11:59 AM
 
1,360 posts, read 700,292 times
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Quote:
Originally Posted by Boston Shudra View Post
What are the odds that housing prices fall in the next 1-5 years? Maybe the OP should rent for now and keep their fingers crossed?
The odds prices will fall significantly in within an hour commute of Cambridge are relatively low. I’d say there is a better chance prices climb over that time frame.
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Old 02-12-2021, 12:03 PM
 
293 posts, read 185,223 times
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Couldn't OP comfortably rent with that amount of cash? Rent for a year and decide whether it is the right place to settle.

For example:
https://www.zillow.com/homedetails/1.../61314714_zpid
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Old 02-12-2021, 12:06 PM
 
13,522 posts, read 10,279,588 times
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I'm guessing when the rates start going back up is when prices will start falling, but looks like that could be a while now. I think we're in a plateau right now, prices probably won't increase much further. Especially once spring comes and more get vaccinated, and people start selling again.
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Old 02-12-2021, 12:06 PM
 
2,237 posts, read 3,818,859 times
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Originally Posted by r_p View Post
You should be able to find houses under 500k. Besides what has been mentioned above, Ashland, Holliston, Medway, Franklin, Walpole etc. are also worth looking at. An hour long commute isn't bad if you're doing it 2/3 days a week. I am in Natick on a 0.25 acre lot and have been thinking of moving further west on 1+ acre lots due to permanent flexible WFH (3-2-2) arrangements.

Honestly, having had family in Medway, in the winter or snow or heavy traffic time, the drive is no way one hour. I would say as much as 1 1/2 hours each way. Ditto Franklin.


Correct me if I am wrong.
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Old 02-12-2021, 12:10 PM
 
Location: Essex County, MA
4,445 posts, read 3,068,074 times
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Originally Posted by porterhouse View Post
The odds prices will fall significantly in within an hour commute of Cambridge are relatively low. I’d say there is a better chance prices climb over that time frame.
If that’s the case, then the OP may truly be SOL.

When do you think prices will fall? They can’t go up forever.
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Old 02-12-2021, 12:18 PM
 
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I now longer live in Massachusetts but know it pretty darn well and have followed real estate in the eastern and central part of Massachusetts.
I really liked the suggestion by one poster to focus on certain towns. To not give up. Can you handle a fixer upper that is nevertheless safe and liveable? I guess I would go to a number of realtors (maybe a buyer's agent? I don't know. Have never used one.) and specify your bottom line and mandatory criteria.


Listen: A long commute is often longer than people will tell you. My friends live in Worcester. Example: On a clear roads Sunday, you might get into Cambridge in 45 - 50 minutes with luck, but that is the exception, not the rule. My friend's husband left late to go to Boston by car and gave up, turned around and came home. The roads were so crowded on the Pike, Rt 9, etc. It would have taken up to 2 hours to get there. Always remember that you don't want to be told one thing and find another. Closeness is so important if you go in frequently.. If not frequently, it's a different ball game and you can get a terrific house in Worcester for $550K. Meanwhile, someone mentioned Chelmsford. Good suggestion. Then there is Maynard. I think that Weymouth, a do-able commute is a bargain and most desirable, as if Braintree. Look there for sure! But the prices are rapidly climbing. Salem is great but quite a drive, terrible, and if you feel OK relying upon the trains, it means still changing from North Station to get to Cambridge by the MBTA subway. Etc. I would spend a huge amount of time letting realtors know you are ready to buy but only in certain towns commutable. Best I can offer for advice. Metro Boston is wonderful and IMHO a most desirable area. So is much of Worcester, though. Best wishes!
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Old 02-12-2021, 12:20 PM
 
2,237 posts, read 3,818,859 times
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Originally Posted by massnative71 View Post
I'm guessing when the rates start going back up is when prices will start falling, but looks like that could be a while now. I think we're in a plateau right now, prices probably won't increase much further. Especially once spring comes and more get vaccinated, and people start selling again.

Personally, I think that prices will never go down and only climb.
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Old 02-12-2021, 12:23 PM
 
2,237 posts, read 3,818,859 times
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Originally Posted by Lampert View Post
Worcester to Cambridge is not 1hr. Worcester to the westernmost part of Boston is over an 1 hr (in normal conditions). I did it for years.

Exactly!!
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Old 02-12-2021, 12:27 PM
 
1,676 posts, read 473,161 times
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It's threads like this that make me think employers are either going to have to pay people more or allow them to WFH in a further out area rather than deal with a horrid commute. Seems like something's gotta give.
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